IDFC Downgrade Email

[Vrushank]

Dear Customer



Thank you for being a valued customer of IDFC FIRST Wealth - Premium Banking Program.



We wish to inform you that your account(s) do not meet the FIRST Wealth program maintenance criteria. We request you to kindly fund your account within 30 days to avoid discontinuation of program benefits. Non-maintenance of program criteria will lead to account reclassification without any further communication.



Kindly Guide me i Have 2 Add On Accounts as Well.



Any Charges Applicable For Debit Card?



What Should I Do Now?



@vaibhav111 @SSV

 

[financewizard]

Dear Customer



Thank you for being a valued customer of IDFC FIRST Wealth - Premium Banking Program.



We wish to inform you that your account(s) do not meet the FIRST Wealth program maintenance criteria. We request you to kindly fund your account within 30 days to avoid discontinuation of program benefits. Non-maintenance of program criteria will lead to account reclassification without any further communication.



Kindly Guide me i Have 2 Add On Accounts as Well.



Any Charges Applicable For Debit Card?



What Should I Do Now?



@vaibhav111 @SSV

Speak with your RM. Usually they will be able to assist you. Alternative way - usually IDFC checks for AMB only at end of the month - once every quater. So just fund the account during the end of that month and withdraw it in start of next month.

 

[Vrushank]

What Happens if i Don't maintain? Any Downgrade Charges applicable?

 

[AlgoTrader]

same here, but i wont maintain, they can downgrade

 

[desiviru]

What Happens if i Don't maintain? Any Downgrade Charges applicable?

No downgrade charges applicable. The benefits of program will be withdrawn. DC will continue to work as they should but will provide benefit of normal account. Better bring it down to one like Select account by talking to RM.

 

[sunit123]

We shud opt for account type which we can manage..Just for status symbol, if we opt for higher variant then bank will not allow the same as each perk offered by bank comes at a cost.


It is a myth that bank check balance only once in a quarter...Average quarterly balance means, they do sum total of eod balance and divide by 90.


Downgrade the account that can be easily managed rather begging RM. Do not listen to half baked information on this forum.

 

[Piyush_Jaiswal]

I think they are getting strict as many of us just abusing their rewards platform. Approx 2.5% upto Rs 12500 per month is unrealistic as it is much migher than MDR. If any card is giving more returns than MDR, then the difference should come from somewhere else or they would incur loss.

The only way they can recover this and become profitable is if we maintain 10 lakhs.

Earlier there was no such benefits so they were lenient. It was no loss no profit to keep wealth customers. But now they are incurring loss so they will become strict.

 

[ashu99924]

Even I received email yesterday in my mother's account.

 

[NikhilG]

10 lac for wealth?
I'm being told 50 lacs for wealth
And 1cr for their private exclusive program

 

[Vrushank]

We shud opt for account type which we can manage..Just for status symbol, if we opt for higher variant then bank will not allow the same as each perk offered by bank comes at a cost.


It is a myth that bank check balance only once in a quarter...Average quarterly balance means, they do sum total of eod balance and divide by 90.


Downgrade the account that can be easily managed rather begging RM. Do not listen to half baked information on this forum.

Thank You for your valuable information

 

[sm9811911]

Dear Customer



Thank you for being a valued customer of IDFC FIRST Wealth - Premium Banking Program.



We wish to inform you that your account(s) do not meet the FIRST Wealth program maintenance criteria. We request you to kindly fund your account within 30 days to avoid discontinuation of program benefits. Non-maintenance of program criteria will lead to account reclassification without any further communication.



Kindly Guide me i Have 2 Add On Accounts as Well.



Any Charges Applicable For Debit Card?



What Should I Do Now?



@vaibhav111 @SSV

Downgrade will have no charges. But you will lose wealth benefits like dc cashback.
If you can try maintaining balance for 1 month at group level, then this will go away for a few months. At least I hope so.
Speaking to RM may not help. But you can try.
Lastly, you can try to convert it to select which is still much better than basic account.

 

[VasukiVasuki is verified member.]

10 lac for wealth?
I'm being told 50 lacs for wealth
And 1cr for their private exclusive program

50 lakh for private with new account
Could be even your 2nd.

Wealth is 10 lakh any day